The Georgia Student Finance Authority (GSFA) is offering another application cycle for the FY 2016 Georgia Student Access Loan Program (SAL). The second application cycle will open on February 23, 2016 at 9 a.m. and will close on March 3, 2016 at 4 p.m. The FY 2016 SAL Application is available at www.gacollege411.org under “What’s New.” The random selection will be performed on March 8, 2016.
Interest Subsidy Restored On Subsidized Loans
Borrowers of subsidized Stafford Loans first disbursed on or after July 1, 2014 are once again eligible for an interest subsidy during the 6-month grace period. The subsidy had been temporarily removed by the fiscal year 2012 budget bill for loans first disburse on or after July 1, 2012, and before July 1, 2014.
There is a limit on the maximum period of time (measured in academic years) that you can receive Direct Subsidized Loans. In general, you may not receive Direct Subsidized Loans for more than 150% of the published length of your program. This is called your “maximum eligibility period”. You can usually find the published length of any program of study in your school’s catalog. Click HERE for more information.
FAFSA/GSFAPPS Retraction: FAFSA NOT Required for State Financial Aid Programs
(Including HOPE and Zell Miller Scholarships)
As a result of newly passed legislation (House Bill 324) during the 2013 Legislative Session, the Free Application for Federal Student Aid (FAFSA) will NOT be required for those students planning to attend a college in Georgia who are seeking state financial aid. If a student and their family do not wish to complete a FAFSA, the GSFAPPS application can continue to be used to apply for financial aid programs administered by the State of Georgia.*
Earlier this year, it was announced that a FAFSA would be required for students seeking state financial assistance to attend a college in Georgia. In addition, the GSFAPPS process would no longer be available as a means to apply for state financial aid programs. These changes to the method by which students could apply for state aid were being implemented to comply with the requirements for verification of lawful presence in Georgia.
Legislators cited the potential for hardship and inconvenience for many families that would accompany the FAFSA requirement and the elimination of the GSFAPPS option as the reason for the passing of HB 324.
The FAFSA continues to be an essential part of applying for financial aid. Unlike GSFAPPS, the FAFSA considers federal and state financial aid opportunities for students whether they plan to attend an in-state or out-of-state school. We strongly encourage students and their families to complete a FAFSA to ensure they are receiving all financial aid available to them.
If you have any questions, please do not hesitate to contact us at 800.505.GSFC (4732).
Georgia Student Finance Commission
*Georgia Financial Aid Programs
ACCEL • Georgia Military College State Service Scholarship Loan Program HERO Scholarship • HOPE GED Grant • HOPE Grant • HOPE Scholarship
• North Georgia College & State University Military Scholarship Loan • North Georgia College & State University ROTC Grant and ROTC Grant for Future Officers
• Public Safety Memorial Grant • Scholarship for Engineering Education Program • Student Access Loan (SAL) Program • Tuition Equalization Grant
• Zell Miller Scholarship.